Dragon Oil aims to increase oil production in Turkmenistan to 200,000 bpd by 2030 through expanding its presence

ASHGABAT. Oct 23 (Interfax) - The Emirati company Dragon Oil, one of the main subsoil users in Turkmenistan, plans to increase oil production in the country to 200,000 barrels per day by 2030 by entering new assets, the chairman of the company's board of directors, Saeed Al Tayer, said during a plenary session at the international exhibition Oil and Gas of Turkmenistan - 2025.

"We have expanded our presence in Iraq and Egypt for the next 25 years and intend to develop our work in Turkmenistan. In the future, our goal for 2030 is to reach a daily production of 200,000 barrels - an additional 50,000 barrels per day [compared to the current production level in the country]," Al Tayer said.

The company plans to achieve this goal by expanding its presence and is already exploring for hydrocarbons in new fields, he said.

Dragon Oil is owned by the government of Dubai (UAE) through the Emirates National Oil Company Limited (ENOC). The company's diversified portfolio includes developing fields in Turkmenistan (both onshore and offshore blocks), Iraq and Egypt.

The company's largest asset in Turkmenistan is the offshore Cheleken block, which it develops under a production sharing agreement. According to Al Tayer, cumulative production at the field over 25 years amounted to 468 million barrels, while total investment in Turkmenistan's oil and gas sector stands at around $11 million.

In July 2022, Turkmenneft and Dragon Oil signed a contract to extend the PSA until May 1, 2035.